Overview
- Trump announced the request on Truth Social, alleging card companies charge 20% to 30% and that consumers are being cheated.
- He did not outline an enforcement mechanism or say whether issuers would be expected to comply voluntarily or through government action.
- Similar caps are already proposed in Congress by Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna and by Senators Bernie Sanders and Josh Hawley.
- Banking trade groups warned a hard ceiling could shrink access to credit, and analyst Brian Jacobsen said lenders could cut lines or pull back if they cannot price risk.
- The White House has provided no further details, major issuers have not commented, and analysts note a nationwide cap would likely require legislation.